●Was in Acting Capacity for three months while
Oloketuyi was on terminal leave

●Moruf Oseni appointed Deputy Managing Director.

Wema
Bank Plc. hereby announces that Ademola Adebise has been made the Managing
Director/Chief Executive Officer of Wema Bank following the retirement of Segun
Oloketuyi in September. He was initially appointed the Acting Managing Director
in July after Oloketuyi proceeded on terminal leave in July 2018. Adebise
assumes the new role today, October 1, 2018.

Prior
to this appointment, he was the Deputy Managing Director of Wema Bank, a role
he held since January 2017.

Adebise
has been part of the Bank’s executive management team since 2009 and has played
a pivotal role in the execution of the strategic turnaround plan of the Bank.
He has over 28 years’ experience in the banking industry (inclusive of 4 years
in management consulting), and has worked in various capacities in Information
Technology, Financial Control & Strategic Planning, Treasury, Corporate
Banking, Risk Management and Performance Management.

Before
joining Wema Bank Plc. Mr. Adebise was the Head, Finance and Performance
Management Practice at Accenture (Lagos Office), where he led multiple
successful projects for banks in Business Process Re-engineering, Information
Technology and Risk Management.

A
member of the Board of Directors for AIICO Insurance Plc, AIICO Pensions,
Nigerian Interbank settlement system NIBSS, and Wema Bank Plc., Adebise is an
alumnus of the Advanced Management Program (AMP) of the Harvard Business School
and a holder of a Bachelor’s degree in Computer Science from the University of
Lagos. He also holds a Master of Business Administration (MBA) from the Lagos
Business School. He is a Fellow of the Institute of Chartered Accountants of
Nigeria ICAN and an Honorary Member of the Chartered Institute of Bankers.

Wema
Bank Plc. has also announced the appointment of Moruf Oseni as its Deputy
Managing Director, effective October 1, 2018. Since joining the Wema Bank board
in 2012, Oseni has contributed immensely to growing the Bank’s retail business.
Until his appointment, he was the Executive Director in charge of Retail, managing
assets including ALAT, Nigeria’s first digital bank.

Both
appointments have been ratified by the Central Bank of Nigeria.

“In Ademola and Moruf, the Bank has two financial
veterans with a wealth of experience in senior executive positions across a wide
range of countries,” said Babatunde Kasali, the Chairman of Wema Bank. “With
their proven track record in the financial services sector, the board is
confident that their appointments will lead to the continued transformation of
the Bank as it positions itself as a market leader in Nigeria’s retail banking
segment through technology and innovation.”

Moruf Oseni brings a wealth of banking and non-banking
experience to his new role. Before joining Wema Bank, Moruf was the CEO of MG
Ineso Limited, a principal investment and financial advisory firm. Prior to MG
Ineso, he was a Vice President at Renaissance Capital, where he was responsible
for capital markets origination and execution for Sub-Saharan African
corporates and financial institutions. He was also an Associate at Salomon
Brothers/Citigroup Global Markets in London, where he was involved in debt
capital markets origination for European financial institutions.

Oseni holds an MBA from the prestigious Institut
European d’Administration des Affaires (INSEAD) in France, a Masters in Finance
(MiF) from London Business School, London and a BSc. in Computer Engineering
from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria. He is also an alumnus
of King’s College, Lagos.

Oseni is a member of the Institute of Directors (IoD),
an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria
(CIBN) and a member of Nigerian Institute of Management (NIM). He serves on the
board of Continental Broadcasting Services Limited and is a member of the Lagos
State Economic Advisory Committee.